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What It's Like To Be...

A Turnaround Consultant

What It's Like To Be...

Dan Heath

Curiosity, Jobs, Careers, Business, Storytelling, Society & Culture, Human Interest

4.8646 Ratings

🗓️ 12 March 2024

⏱️ 30 minutes

🧾️ Download transcript

Summary

Diagnosing what ails struggling companies, choosing the "least crappy option", and managing constant stress with Jeff Vogelsang, a turnaround consultant. What kind of personality do you need to lead turnarounds? And what does it mean to make someone "available to industry”? GOT A COMMENT OR SUGGESTION? Email us at [email protected] WANT TO BE ON THE SHOW? Leave us a voicemail at (919) 213-0456. We’ll ask you to answer two questions: 1. What’s a word or phrase that only someone from your ...

Transcript

Click on a timestamp to play from that location

0:00.0

entrepreneurs are famously optimistic. So when things aren't going well for a company,

0:06.0

they sometimes aren't willing to admit that things aren't going well. And for a lot of

0:10.2

CEOs, especially if you've had years and years of success, you've got a self-confidence

0:14.9

where you think, I can do this, I can do this. And then it just isn't working. And it's very

0:20.5

difficult to reach out and say, help me.

0:23.1

That's Jeff Vogel saying. He's what's called a turnaround consultant. He parachutes into companies that are having a

0:29.9

financial crisis and his job is to turn things around. He says the most difficult part of the job

0:37.0

is often just convincing company leadership to make

0:40.3

tough decisions. This is where they get caught up in, we should analyze this further. Let's talk about it more.

0:46.3

Let's do more research. Let's get more data. And I always say, listen, we're done with that process.

0:51.8

We're going to make a decision. And we're going to pick, I'll say this politely,

0:56.1

we're going to pick the least crappy option.

0:58.6

I've coined that the LSO over the years, but we'll call it the LCO here.

1:03.3

But good business leaders make a decision.

1:06.9

They don't wait for perfect information.

1:09.3

They don't wait until one of the answers is obviously good.

1:12.8

They've got two bad options, which is the least bad.

1:16.4

Let's go.

1:25.7

I'm Dan Heath, and this is what it's like to be.

1:30.0

In every episode of the show, we interview someone from a different profession.

1:34.6

We ask what it's like to walk in their shoes, a stand-up comedian, a hairstylist, a welder.

1:41.4

We want to know what they do all day at work.

...

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